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November 8, 2024 | 04:33 pm
TEMPO.CO, Jakarta - Indonesian Finance Minister Sri Mulyani Indrawati has reported that the state budget recorded a deficit of Rp309.2 trillion by the end of October 2024. This figure represents 1.37 percent of the Gross Domestic Product (GDP).
The 2024 State Budget Law sets a deficit target of no more than 2.29 percent of GDP. She emphasized that the current deficit percentage remains below this target. “This means it is still smaller than the target outlined in the State Budget Law,” she said in a press conference at the Finance Ministry office in Central Jakarta on Friday, November 8, 2024.
As of October 31, 2024, state revenue had reached Rp2,247.5 trillion, or 80.2 percent of the target. The Finance Ministry reported a 0.3 percent year-on-year increase in state revenue. The government aims to achieve a total revenue of Rp2,802.3 trillion by the end of the year.
Meanwhile, state expenditure had reached Rp2,256.7 trillion, or 76.9 percent of the target. This figure represents a 14.1 percent increase compared to the same period last year. It encompasses spending by ministries and agencies, non-ministry and agency spending, and transfers to regional governments.
Sri Mulyani explained that state spending has experienced significant growth, increasing by 21.4 percent year-on-year. By the end of October 2024, it had reached Rp993.5 trillion, compared to only Rp768.7 trillion in the same period last year.
Several factors have contributed to this increase in spending, including the upcoming general and regional elections. Additionally, the government has implemented a 5 percent and 12 percent increase in salaries, pensions, performance bonuses, and holiday allowances this year.
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